Blockchain startup Zilliqa has announced its 2020-2021 cohort of selected companies participating in the ZILHive Accelerator program.
Created by researchers at the National University of Singapore, Zilliqa aims to solve the issue of scalability of blockchains. Zilliqa’s platform is designed to scale to thousands of transactions per second. It is tailored towards enabling secure data-driven decentralized apps, designed to meet the scaling requirements of machine learning and financial algorithms. Zilliqa’s ZILHive Accelerator is a 6-month blockchain startup accelerator designed to support early and late-stage startups that are using or looking to use the Zilliqa protocol to build blockchain solutions.
Launched in collaboration with Singapore government-backed Tribe Accelerator, this year’s batch sees eight companies selected to promote blockchain development within Southeast Asia’s Open Finance (OpFi) ecosystem.
“ZILHive was designed with the aim of driving innovation and furthering the growth of a stronger OpFi ecosystem across the globe,” Zilliqa said. “Centred around the broader theme of democratizing finance, this year’s projects will receive training in business modelling, design thinking, legal, marketing, and fundraising, with late-stage startups gaining access to Zilliqa’s broad network of industry partners and mentors to build applications that better address business needs. The promising startups who have been previously welcomed into the ZILHive ecosystem have worked tirelessly to create business use cases on Zilliqa, and many have scaled up and are thriving today.”
Running from 31 August 2020 to February 2021, the program is committed to encouraging and supporting the growth of talented developers, with this year’s batch including:
- Propine: A Singapore-based startup that provides compliant end-to-end tokenisation and custody solutions.
- Notabene: A Y-Combinator backed firm that enables financial companies to be compliant with the Financial Action Task Force’s “Travel Rule” for any crypto transactions.
- Rupiah Token: Indonesia’s most widely-adopted Indonesian rupiah-backed stablecoin that looks to drive a more inclusive and open financial system within the country.
- MugglePay: A China-based startup that looks to enable far more cost-efficient cross-border transactions by providing a software development kit (SDK) to merchants that accept crypto payments at a fraction of existing fees.
- Moonlight: A US-based decentralised self-sovereign identity solution.
- CommX: A Singapore and Australia based startup that tokenises art into tradable digital assets.
- Moonlet: A Romania-based digital asset wallet that enables users to securely store their crypto assets, spend their tokens, and manage their returns from staking.
- Lumiere: A Singapore and Hong Kong-based film tokenisation platform that strives to boost liquidity, accessibility, and mitigate risk in the film investment space.
“The need for digital finance has accelerated with the ongoing pandemic, coupled with ASEAN’s large underbanked population, the time is now for FinTech to take on a greater role in adopting a more open financial ecosystem,” said Han Wen Chua, Senior Vice President of Ecosystem Development at Zilliqa. “With the success of our first cohort of ZILHive startups, we are pleased to announce our next batch of promising projects as we propel the use of blockchain in OpFi.”
To bolster the adoption of blockchain-enabled FinTech solutions across the region, Zilliqa also launched the ZILHive Open Finance consortium, consisting of some of Singapore’s leading FinTech and blockchain startups including digital payments firm Xfers, decentralized exchange Switcheo Network, and fiat-to-crypto exchange platform XanPool, in order to foster greater value within the OpFi space.
“As the OpFi ecosystem continues to mature around the world, it’s crucial that we nurture the next wave of talent and as a mentor for the ZILHive Accelerator programme, I’m thrilled to see what these promising entrants can bring to the table,” said Ivan Poon, CEO at Switcheo Network. “To that end, the launch of ZILHive Open Finance consortium is a testament to the power of collaboration in enacting meaningful change—as one of the consortium’s earliest members, we look forward to joining some of the industry’s leading firms in order to pioneer a tech-enabled vision for financial inclusion across the globe.”
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